Economy

Dubai’s Department of Economic Development (Dubai Economy) today announced that it issued 42,640 new licences in 2020, an increase of 4% from the 40,891 new licences issued in 2019. According to a recent report of Dubai Economy’s Business Registration & Licensing (BRL) sector, 64% of the new licences issued in …

Driven by banking and realty blue chips, the UAE stock markets continued their upward streak Sunday, with Abu Dhabi’s main index touching 5,176 points, up 0.24 pct over the Thursday session, and Dubai Financial Market following suit and rising 1.85 pct to 2,674 pts, with the listed companies gaining AED5.4 …

The real estate and properties transactions valued at AED4.3 billion in total during the week ending 7th January 2021. The sum of transactions was 1,546. According to the Department of Land and Property in Dubai, 109 plots were sold for AED438.22 million, 1,035 apartments and villas were sold for AED1.66 …

Hamdan bin Mohammed: We approved the fifth economic stimulus package in Dubai at a value of AED 315 million, bringing the total value of the economic packages to AED 7.1 billion. We continue to boost the ability of all sectors to overcome the global crisis impact.

The UAE’s hotel reservation rates witnessed significant recent growth, benefitting from the rise in travel to the UAE during Christmas and New Year, and a boom in domestic tourism. The hotel sector continued its recovery after the extraordinary conditions caused by the coronavirus (COVID-19) pandemic, most notably with the continued …

Sharjah National Oil Corporation (SNOC) and its partner Eni, have announced the start-up of Mahani-1 gas well, marking the commencement of gas production from the Mahani Field, in Sharjah Area B. The announcement comes within only one year of the discovery of gas in the field, labelled as the first …

ADNOC Distribution on Thursday announced the execution of a definitive agreement to acquire 15 service stations in Saudi Arabia, reaffirming its commitment to grow its business in the Kingdom; the largest fuel retail market in the GCC. The purchase consideration for this acquisition is AED36.7 million (US$10 million). The acquisition …

H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has approved the general budget of the Ajman Government for 2021, which is valued at AED2.066 billion and without a deficit. The budget aims to achieve the government’s strategic priorities, provide the best services, and enhance …

The Commercial Compliance & Consumer Protection (CCCP) sector, in Dubai Economy has launched an updated version of its ‘IP Gateway,’ the online portal for obtaining services related to cases on infringement of trademark and commercial agencies. The IP Gateway is part of the efforts of Dubai Economy to enhance business …

Fuel prices for the month of January 2021: Super 98: Before: 1.91 AED/L After: 1.91 AED/L Special 95: Before: 1.80 AED/L After: 1.80 AED/L Diesel: Before: 2.06 AED/L After: 2.06 AED/L